Author: Admin
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID), at its 89th Ordinary Session, approved investments totalling EUR 61 million and USD 100 million to stimulate the infrastructure, trade, and sustainable development sectors in West Africa. The session was held on fortnight ago, at the Bank’s headquarters in Lomé, Togo, under the chairmanship of Dr George Agyekum Donkor, President and Chairman of the Board of Directors. A press statement said Dr Donkor emphasised that the approved investments are in line with the Bank’s mission to promote sustainable development and regional integration for the ECOWAS sub-region…
Trade volumes on Ghana’s secondary bond market have fallen for the second consecutive week, dropping 15.56% to GH¢609 million, down from GH¢722 million. Market activity remained largely focused on the shorter end of the yield curve, with the February 2027 bond accounting for 47.2% of all trades. This marks the third consecutive week where this bond has dominated trading, with its average yield to maturity (YTM) decreasing to 23.72%, down from the previous week’s 24.13%. In total, the shorter and mid-segments of the yield curve represented 79.44% and 20.56% of trades, respectively, with average yields of 23.32% and 24.91%. However,…
Ghana’s petroleum industry faces significant hurdles that threaten its growth, according to Deloitte’s October 2024 Oil and Gas Industry Survey. The report reveals that a substantial 46 per cent of industry stakeholders identify “high tax rates” as the most pressing concern for the sector, impacting both profitability and overall competitiveness. In light of these challenges, around 42 per cent of industry players are advocating for tax amnesty, arguing that it could create a more conducive environment for businesses to flourish. The survey also uncovers a critical issue regarding access to foreign currency, with approximately 80 per cent of respondents needing…
A group of pensioner Eurobond holders in Ghana has expressed profound disappointment and frustration over government’s Eurobond debt restructuring plan, following recent remarks by the Finance Minister. The pensioners, feeling excluded from key negotiations, voiced their concerns after the Minister announced that Eurobond investors had forgiven USD5 billion of Ghana’s debt. The pensioners argue that while negotiations have focused on international and commercial bondholders, they have been left out of discussions, despite being significantly impacted by the restructuring. They contend that unlike larger institutional investors, they cannot bear the severe financial losses imposed by the government’s current debt restructuring plan.…
The issue of Islamic banking in Ghana has lingered on for several years with the call on the statutory regulator, the Bank of Ghana, (BoG) to begin giving approval to financial institutions who want to veer into that area. Islamic banking follows Shari’a law, while conventional banking does not. Islamic banks do not pay or receive interest, while conventional banks charge interest on loans as their profit. It operates on a profit/loss sharing principle, where both the borrower and the supplier of the funds share the risks. Islamic banking products are usually asset backed and involve trading of assets, renting…
Professor John Gatsi, University of Cape Coast (UCC) has emphasized that Islamic banking and finance should not be viewed merely as a tool for promoting religion. Instead, Ghanaians should consider Islamic banking and finance based on its ethical investment principles, practical benefits, and financial inclusivity. Prof. Gatsi, speaking at the 24th Islamic Finance International Conference in Accra, urged Ghana to become a member of the Islamic Development Bank to attract direct investment from Islamic financial institutions through trade finance and technical cooperation. He stated that by joining the Islamic Development Bank, Ghana would gain options for raising funds to develop…
The Centre for International Maritime Affairs, Ghana (CIMAG) has indicated that even though the National Democratic Congress (NDC) 24-hour economy proposal is laudable, it must be hinged on strategic planning, investment, and collaboration between the public and private sectors. CIMAG noted that with the right policies in place, Ghana could position itself as a leading economy in West Africa, leveraging the advantages of continuous business operations to drive long-term growth and resilience. Mr Albert Derrick Fiatui and Dr David King Boison, the Executive Director and Senior Research Fellow of CIMAG, respectively, analysing the viability of the 24-hour economy initiative, told the…
A United Nations trade agency is launching an online platform this month to help small farmers in developing countries maintain access to Europe once new deforestation rules kick in. The rules, which will bar exports of commodities to Europe linked to deforestation, have already seen a reduction in orders to some small farmers in the developing world. The European Commission last week proposed delaying the rules for a year, phasing in from 2025 to 2026. Pamela Coke-Hamilton, executive director of the International Trade Centre, told Reuters that the platform was part of a broader effort by her organisation to “work…
Ghana issued new bonds to investors in exchange for existing ones, concluding a lengthy restructuring process aimed at making its loans more sustainable under an International Monetary Fund program. The country issued the notes last week, Barclays Plc said in a note to clients. Ghana’s Finance Ministry didn’t respond to a request for comment. Investors received new instruments worth $9.4 billion in return for their old bonds as part of a deal that presents holders with the choice between two alternatives: so-called DISCO or PAR options, the government said earlier this week. Those who opted for DISCO agreed…
Source: IMANI Africa In late 2023, Newmont, one of the world’s largest gold mining companies, announced its intention to divest certain mining assets to focus on “Tier 1” operations—those capable of producing at least 500,000 ounces of gold annually for at least 10 years. One of the major projects set for sale is the Akyem mine in Abirem, Ghana, with the sale timeline slated for completion by Q1 2025. Recently, reports have indicated that the Akyem mine sale is in its final stages, with the successful bidder expected to be a Chinese entity. While Newmont has every right to…